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• Request <br /> In order to transform this property into the quality level consistent with Silver Lake Pointe, <br /> our request to the City would be as follows: <br /> 1.) We request that the EDA sell its land to MSP at a market price. <br /> 2.) We request that the City provide a $230,000 low interest, deferred loan to the <br /> project, from excess proceeds from existing TIF districts. <br /> 3.) We request that the City approve the setaside of ten units in the property for rental <br /> as public housing. (approved in May) <br /> 4.) We request that the City approve the ownership structure of the property as a <br /> Leasehold Cooperative, thus allowing the property to receive the benefit of <br /> homestead tax rates. <br /> In order to achieve the quality level the City desires, these requests are critical to the <br /> transformation of this property. <br /> PROPERTY <br /> The intent of our development proposal is to develop (and rehabilitate) this property such that <br /> it is indistinguishable from other new market-rate housing in the area. This was our goal with <br /> . Silver Lake Pointe Apartments, and we believe the same goal is achievable here. The property <br /> will consist of 12 new 3-bedroom and four new 4-bedroom townhomes. Each townhome will <br /> have 2 stories, an attached garage, washer/dryer hook-ups, 13/4 baths, individual gas-fired forced <br /> air furnace, and a full appliance package. The 3-bedroom units will contain a spacious 1,320 sq. <br /> ft. including a large eat-in kitchen. The 4-bedroom units will contain 1,470 sq. ft. with the same <br /> amenities. The 3-acre site was designed to maximize green space, and allow for placement of <br /> a play area in the safest possible location, away from Highway 10 traffic. <br /> The rehabilitation of the existing 40 units will be extensive. Our goal is to change the character <br /> of the buildings and units, and thus do away with the deferred maintenance that has plagued this <br /> property in the past. Our plans include deleting mansard roofs, adding a pitched roof, tearing <br /> down the old parking garages and building new, more attractive garages. We will also <br /> reconfigure the parking to add more green space in front of the buildings. The unit interiors will <br /> be completely updated including new windows, new carpet, new vinyl, new appliances, new <br /> cabinets, new furnaces, new heaters and new fixtures as needed. The goal is to offer a totally <br /> revived high quality property inside and out - quality of which residents and neighbors will be <br /> proud. <br /> 410 <br />